UK

Major derivatives exchanges have released figures showing growth over 2016 and in December, with big gains reported in some product lines.

Shares in GCP Asset Backed Income Fund, the closed-end investment fund focused on asset-backed loans, fell 0.5% on Thursday after it announced a £100m capital increase to raise funds for future investments.

Royal Bank of Canada, Canadian Imperial Bank of Commerce, Commonwealth Bank of Australia and Deutsche Pfandbriefbank tapped the sterling covered bond market this week at cheaper levels than they could have achieved in euros and dollars.

Coventry Building Society received a strong reception for the first euro-denominated covered bond from a UK issuer since the UK referendum to leave the European Union. Despite cheaper funding alternatives, the deal demonstrated Coventry’s strategic commitment to the euro market.

German chemicals producer BASF snatched a steal in sterling on Tuesday as it printed flat to its curve with a £300m long eight year trade that began 2017’s corporate bond issuance in the currency.

The UK’s University Partnerships Programme (UPP) has signed a £105m financing arrangement to back University of London’s construction of new student accommodation in Stratford, East London.

The plans of London Stock Exchange Group and Deutsche Börse to pursue a merger of equals received a boost this week, as rival exchange Euronext agreed terms with the LSEG to buy its Paris clearing house business LCH SA in an all cash offer.

Loan facilities backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food will go into general syndication this month, with a fifth bank joining the bookrunners and tranche prices having been indicated to ‘early bird’ lenders.

As a year where political upsets became the norm drew to a close, GlobalCapital picks the standout trades from a turbulent 2016.

In November GlobalCapital polled loan market participants for the 14th Syndicated Loan, Leveraged Finance and Private Placement Awards. The nominations are listed below in alphabetical order. We will reveal the winners at the awards dinner, to be held on February 8, 2017 at the Guildhall in London.

Natixis has beefed up its aviation finance division with a number of senior appointments in Singapore and London, citing “robust growth for the business line" as the reason behind the developments.

The UK’s decision to leave the European Union cast extreme uncertainty over the economy, the values and even the unity of the country. Its ramifications for domestic companies’ financing capabilities has been both more obvious and more benign, however. Max Bower reports.